Wells Fargo and Operation HOPE are partnering to foster financial inclusion and remove barriers to unbanked populations, half of which are Black, African American, Hispanic and Native American/Alaska Native households, according to a press release on Tuesday (April 12).
“The Wells Fargo HOPE Inside centers mark a significant step forward in addressing barriers to financial wealth in diverse communities by offering a welcoming space, access to financial coaches, and expanded resources that support the financial goals of individuals with the greatest needs,” said John Hope Bryant, chairman and CEO of Operation HOPE, Inc.
“This collaborative effort can drive meaningful change and ultimately help address the deeply rooted barriers to financial empowerment in underserved communities,” Bryant added.
Starting in April, the first HOPE Inside centers will be launched in the Atlanta, Houston and Oakland markets. By the end of 2022, HOPE Inside centers will be expanded to Los Angeles, Minneapolis, New York and Phoenix, as well as Newark, New Jersey, Camden, New Jersey, and Gallup, New Mexico.
A national non-profit dedicated to financial empowerment for underserved communities, HOPE Inside centers will be introduced in 20 markets that will serve as many as 150 Wells Fargo branches by the end of 2023.
Per the release, the new HOPE Inside centers will feature Operation HOPE financial coaches, aimed at helping community members reach financial goals. Both educational workshops and free individual coaching will be offered.
“We know from our outreach and work with national and community stakeholders that financial education and guidance, and an individual’s sense of inclusion and trust, are all important factors in bringing more people who are unbanked into the formal banking system,” said Darlene Goins, head of Wells Fargo’s Banking Inclusion Initiative.
“Working with Operation HOPE is one important way that we can remove barriers to financial inclusion and help empower people with education, resources and tools to manage their money, improve their credit and achieve their financial goals,” Goins said.